All grants and contracts have end dates that require a variety of closeout procedures:
- Submission of the final financial report
- Final invoice reporting of inventions and patent results
- Listing of equipment purchases and equipment ownership information
- Submission of the final technical progress report providing the sponsor with the results of the research
Timeliness of reporting and closing is crucial to sound grants and contracts management to assure full compliance with agency/sponsor regulations and to assure collection of all monetary reimbursement for costs incurred. These functions are tested as part of the annual Single Audit as well as by other sponsoring agencies when they make periodic visits to Harvard.
Procedures to follow for proper closing out of a sponsored research account:
- Review the Terms of Award to ensure that all deliverables are submitted by the designated due dates. These might include Final Technical Reports, Final Invention Statements, and Property Reports.
- Pay special attention to the policies and procedures regarding un-reconciled accounts.
- Ensure that Effort Reports have been submitted for all completed quarters encompassed in the project period.
- Request billing code changes for recurring expenses.
- Work with OSP to complete any necessary final financial reports and/or invoices.
Contact ORA's Research Finance Team with questions.